Gold prices, a typical safe asset, have surpassed $3,100 per ounce.
This is the first time that gold futures prices have exceeded $3,100, which appears to be due to growing inflation concerns and a sharp downturn in U.S. stock markets.
As of 5 PM on March 28, gold futures on the New York Mercantile Exchange (COMEX) recorded $3,118.20 per ounce, up 0.88% from the previous session.
Gold prices have surged more than 17% this quarter, marking the strongest year-to-date performance in 40 years.
The U.S. stock market fell the same day, including a 2.7% drop in the Nasdaq, triggering increased demand for safe assets.
U.S. markets tumbled after the Personal Consumption Expenditures (PCE) price index exceeded market expectations. Investors rushed to offload stocks as inflationary pressures appeared significant even before the implementation of new tariffs.
